News

Zenergy seeking a buyer

19.04.2011

Zenergy Power specialized in superconductor equipment manufacturing reported that in spite of 5% income growth (up to 2567 thousand €) in 2010 net loss amounted to 10,106 million € (that is more than in 2009 – 8481 million €), and stock value fell from € 16 to € 12.75 (20.3% decrease).

In their statement to shareholders John Poulter (Chairman of the Board) and Jens Müller (Chief Executive Director) defined commercial and financial Zenergy results as disappointing despite the fact that in 2010 the company had two large orders: continuing order for magnetic bar heater from Weseralu and order for middle-volt current limiter from Applied Superconductor Ltd. However these projects’ financing turned out o be smaller than expected and it increased the losses of the company.

Poulter and Müller sounded the Board decision that at this stage the main strategy is the sale of the company. The Board considers that 2G HTS wires commercialization should be carried out by a third party. The company is not capable of solving the problem of current limiters successful promotion to the energy market with no outside help.

Besides the second magnetic heater installation tests in September 2010 showed a number of constructive problems, including the problems connected with heated bars processing. Demand for magnetic heaters is growing but not considerably. So the Board came to the conclusion that this course is not likely to stimulate the growth of the company.